The main development in 2017 for China’s investment around the world was the curbing of private Chinese investment in the US and the expansion of state-owned enterprises’ investment in Europe. There were signs late in the year that Beijing could allow more private spending in 2018.

The United States, at least, may not be interested. American skepticism grew first due to a wave of attempted Chinese technology acquisitions and most recently with the possibility of Americans’ personal data being held by Chinese companies. Formal US restrictions are pending.

The Belt and Road Initiative consists primarily of Chinese construction projects rather than investment. These continue to be substantial, but there was no sign of intensified activity in 2017, and the extreme dollar figures some associate with Belt and Road are currently unreasonable.